XML 75 R64.htm IDEA: XBRL DOCUMENT v3.21.2
Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Stock-Based Compensation (Details) [Line Items]          
Stock-based compensation expense $ 2.4 $ 0.2 $ 9.9 $ 0.6  
Unrecognized stock-based compensation     $ 15.2   $ 2.4
Weighted average period     2 years 3 months 29 days   2 years 14 days
Weighted average grant-date fair value of stock options granted     $ 8.85    
Restricted Stock Units (RSUs) [Member]          
Stock-Based Compensation (Details) [Line Items]          
Restricted stock units shares, description     On December 30, 2020, we granted rights to awards of the following shares of restricted stock under the 2020 Stock Plan:    ● 370,101 shares to various employees and non-employee directors, which vest on various dates between June 30, 2021 and January 15, 2022, subject to the employee’s continuous employment through such vesting date. The restricted stock awards convert to shares of Common Stock on a one-for-one basis upon vesting. The award represents 5% of the converted stock options under 2014 Stock Plan as a result of the Reverse Recapitalization and complements the 5% closing payment shares held in escrow for Clene Nanomedicine common shareholders (see Note 3). The grant-date fair value of these awards was $4.0 million based on the closing price of CLNN shares listed on Nasdaq of $10.82 per share on December 30, 2020, the date of the Reverse Recapitalization. As of September 30, 2021, there were 224,109 shares of Common Stock issued upon the vesting of restricted stock awards. As of December 31, 2020 no shares were vested.     ● 454,781 shares to various employees and non-employee directors, which were eligible to vest based on certain market conditions, subject to the employee’s continuous employment through such vesting date. The award complements the Milestone 1 earn-out share entitlement of Clene Nanomedicine shareholders and vests based on the same market condition (see Note 3). The grant-date fair value of these awards, using a Monte Carlo simulation, was $4.3 million. Based on the outcome of the market condition as of the September 30, 2021 and December 31, 2020 measurement dates, no shares were vested.     ● 341,090 shares to various employees and non-employee directors, which were eligible to vest based on certain market conditions, subject to the employee’s continuous employment through such vesting date. The award complements the Milestone 2 earn-out share entitlement of Clene Nanomedicine. shareholders and vests based on the same market condition (see Note 3). The grant-date fair value of these awards, using a Monte Carlo simulation, was $3.5 million. Based on the outcome of the market condition as of the September 30, 2021 and December 31, 2020 measurement dates, no shares were vested.   ●341,090 shares to various employees and non-employee directors, which were eligible to vest based on certain performance conditions tied to the completion of the COVID-19 coronavirus treatment study, subject to the employee’s continuous employment through such vesting date. The award complements the Milestone 3 earn-out share entitlement of Clene Nanomedicine shareholders and vests based on the same performance condition (see Note 3). The grant-date fair value of these awards was $3.7 million, based on the closing price of CLNN shares listed on Nasdaq of $10.82 per share on December 30, 2020, the date of the Reverse Recapitalization. We did not recognize compensation expense because the occurrence of achieving this milestone was not probable. As of the September 30, 2021 and December 31, 2020 measurement dates, no shares were vested.    
Expected stock price volatility         85.00%
risk-free interest rate         0.40%
Expected term         5 years
Weighted average grant-date fair value of RSUs granted         $ 10.3034
Stock-based compensation expense associated with restricted stock awards 0.8   $ 6.8    
Unrecognized compensation cost $ 0.9   $ 0.9   $ 15.5
Weighted average period for recognition of unrecognized compensation cost     1 month   6 months
2020 Stock Plan [Member]          
Stock-Based Compensation (Details) [Line Items]          
Shares granted     2,574,441    
2020 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member]          
Stock-Based Compensation (Details) [Line Items]          
Shares granted     3,819,930   1,507,062
Shares for future grants     8,180,070   10,492,938
2014 Stock Plan [Member]          
Stock-Based Compensation (Details) [Line Items]          
Shares granted         270,555
2020 Stock Plan [Member]          
Stock-Based Compensation (Details) [Line Items]          
Shares authorized         12,000,000
Shares available to be issued         12,000,000
Minimum fair market value of option grant, description     The exercise prices, vesting periods, and other restrictions are determined at the discretion of the Company’s Board of Directors, except that the exercise price per share of options may not be less than 100% of the fair market value of the Common Stock on the date of grant.    
2014 Stock Plan [Member]          
Stock-Based Compensation (Details) [Line Items]          
Stock option outstanding (pre-conversion) 53,286,115   53,286,115    
Stock option outstanding (post-conversion)     7,032,591